Richemont, the owner of leading companies in the field of luxury goods, including Cartier, will reportedly use blockchain to make its supply chain more transparent, according to CoinDesk.
Richemont’s board member, Jin Keyu, said that she saw great potential for the blockchain technology in the luxury goods business. This move will help bring more clarity to the giant’s supply chain. Tracing applications will make it possible to control the origin of diamonds and metals used in luxury goods.
“As Cartier’s parent company, we have recently decided to start using blockchain to trace the origin of diamonds, rocks and gold back to the mines or recycling factories,” she said.
Richemont believes that by implementing new tracking technologies it will ensure its customers that all the stones and materials used to create luxury products are authentic.
Image credit: Richemont